President Joe Biden announced his intention to nominate Jerome Powell to serve a second term as chair of the Federal Reserve. Lael Brainard would be nominated to serve as vice chair.

“Powell and Brainard share the Administration’s focus on ensuring that economic growth broadly benefits all workers,” the White House said in a statement Monday. “That’s why they oversaw a landmark re-evaluation of the Federal Reserve’s objectives to refocus its mission on the needs of workers of all backgrounds. And they’ve advanced key priorities that the President shares, like addressing the financial risks posed by climate change, and staying ahead of emerging risks to our financial system.”

Powell, a Republican, has served as chair of the Federal Reserve System’s Board of Governors since February 2018. His current term expires in February. He has served on the Board of Governors since 2012, after being nominated by President Barack Obama.

Powell served as an assistant secretary and undersecretary of the Treasury under President George H.W. Bush and has worked as a lawyer and investment banker in New York City.

Brainard, a Democrat, has been a member of the Federal Reserve’s Board of Governors since 2014. Her current term does not expire until January 2026.

She served as undersecretary of the Treasury from 2010-13 and counselor to the Secretary of the Treasury in 2009. From 2001-08, she was vice president and founding director of the Global Economy and Development Program at the Brookings Institution.

Current Fed Vice Chair Richard Clarida’s term will conclude in January.

Biden still has three vacant seats on the Federal Reserve Board of Governors to fill, including vice chair for supervision, which is currently held by Randal Quarles. Quarles announced earlier this month he will resign at the end of the year.

Biden will make those appointments beginning in early December, according to the White House.

Aaron Nicodemus covers regulatory policy and compliance trends for Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.

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